Aspect Software, a provider of customer engagement, workforce optimisation, and self-service solutions, has partnered with CallMiner to launch a new MiFID II solution.
CallMiner, which provides speech and customer engagement analytics, and Aspect have created a joint solution to help financial services organisations to comply with the Markets in Financial Instruments Directive II (MiFID II).
Implemented last month, January 2018, MiFID II aims to strengthen investor protection, including new requirements relating to transparency and curbing conflicts of interest. Financial services organisations that do business within the European Union are required to store communications, including phone conversations, for seven years to give regulators the ability to investigate and reconstruct instances of market abuse.
The duo’s new joint solution helps identify, measure, and mitigate risk for financial institutions across multiple communication channels. It automatically identifies calls, texts, web chats or emails that represent a risk as far as regulatory compliance is concerned.
According to Aspect, the solution brings data from disparate systems together to enable easy reconstruction of transaction records that are necessary to demonstrate compliance across the entire seven-year period.
Frank Sherlock, general manager UK at CallMiner Eureka, adds: “Our approach avoids the time and costs associated with manual quality sampling and provides a holistic, automated MiFID II QA framework.
“The same engagement analytics solution can also be used to identify trends, process inefficiencies and recognise opportunities to improve the customer experience, as well as help with MIFID II compliance. Our API allows organisations to extend these analytics insights across the company to combine with other data sources.”
Aspect provides a customer engagement platform, workforce optimisation and call centre software. Its financial services solutions provides support to retail banks, mortgage institutions, brokerage firms and insurance companies. The company claims its solution makes it easier for customers to have the type experiences that keep them coming back according to its website.
CallMiner’s platform, Eureka, aims to improve contact center and enterprise performance through speech analytics. In the finance and banking sector, CallMiner claims its solution can improve the bottom line, reduce turnover and secure compliance. Eureka monitors adherence to consumer protection rules and other regulatory standards and can monitor all interactions, detect potential regulatory infractions to create coachable moments, identify groups who might require specific disclosures, and provide alert supervisors when intervention is needed.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
